Red Hat (RHT) short interest is at $652.4 million, with 5.59 million shares shorted, for 3.21% of the float.
Red Hat is the 7th largest short in the Systems Software Sector. RHT shares shorted have been decreasing since the end of September, down 1.66 million shares, or -23% since September 27th and down 190k , or -3%, over the last week.
Shorts are down $296 million in mark-to-market losses today on news of IBM acquiring the company for $34 billion or $190/share.
We can expect more short covering in the stock as short sellers exit their positions at levels below the proposed acquisition price.
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Managing Director Predictive Analytics, S3 Partners, LLC
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